Douglas Development Acquires 150K-SF Office Building in Maryland
Real estate development firm Douglas Development has acquired 5700 Rivertech Court in Riverdale, MD. The sales price was $11.3 million.
The three-story, 150,898-square-foot office building is currently 46% occupied and sits on nearly seven acres in the Discovery District at the M Square Research Park, Maryland’s largest research park. Current tenants include U.S. aerospace manufacturer Raytheon Technologies Corp., Fraunhofer USA, a 501 (c) (3) not-for-profit organization and the University of Maryland.
“We saw a tremendous buy opportunity and jumped on it, and we are 100% confident in our ability to increase occupancy at 5700 Rivertech Court and add value,” said Norman Jemal, managing principal at Douglas Development. “We know and have deep experience in this market, and it has historically been very good to us. The University of Maryland is a spectacular draw and economic engine.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.